James.T vs Housing Development Finance ...
2023 Latest Caselaw 522 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
    WEDNESDAY, THE 11TH DAY OF JANUARY 2023 / 21ST POUSHA, 1944
                        WP(C) NO. 846 OF 2023
PETITIONER:

          JAMES.T.,
          AGED 54 YEARS
          S/O SHRI.C.K.THANKACHEN,
          KOYICKALETHU HOUSE,
          THIRUVANDOOR, P O, THIRUVALLA,
          ALAPPUZHA DISTRICT, KERALA, PIN - 689109
          BY ADVS.
          T.SANJAY
          SANIL KUMAR G.
          MIDHUN R.


RESPONDENTS:

    1     HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED,
          HDFC HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION,
          M.G.ROAD, COCHIN,ERNAKULAM, KERALA , PIN - 682015
          REPRESENTED BY ITS AUTHORIZED OFFICER CHIEF REGIONAL
          MANAGER (LEGAL),
    2     HDFC LTD.,
          FIRST FLOOR, PALAMOOTIL BUILDINGS,
          RAMANCHIRA, M C ROAD KOCHI, THIRUVALLA,
          KERALA 689 101.
          BY ADVS.
          S.AMBILY
          LAKSHMI ANIL
          K.K.CHANDRAN PILLAI (SR.)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 846 OF 2023                    2


                                  JUDGMENT

Petitioner availed several credit facilities from the respondent-Bank.

On default being committed, proceedings have been initiated against the

petitioner under the Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (SARFAESI Act) to recover

amounts due from the petitioner under those loans.

2. During the course of hearing, petitioner has confined the relief to

an opportunity for repaying the overdue amount in installments and to

obtain regularization of the loan account.

3. It was submitted on behalf of the respondent bank that the

petitioner committed default in repayment and the overdue amount in

respect of all the three loans is Rs.1,25,000/- (Rupees One Lakh Twenty

Five Thousand only). It was further submitted that though proceedings for

recovery have been initiated, as a matter of indulgence, the respondent bank

is willing to accept repayment of the overdue amount in limited installments

and regularize the loan account.

4. I have heard Adv.T.Sanjay, the learned counsel for the petitioner as

well as Adv. S.Ambily, the learned counsel for the respondents.

5. Having regard to the circumstances of the case and the situation

now prevailing, apart from the submissions made as recorded above, I am of

the view that the petitioner can be granted an opportunity to repay the

overdue amount in six installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan account

regularized.

6. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire overdue amount of Rs.1,25,000/- (Rupees

One Lakh Twenty Five Thousand only) along with bank charges from the

petitioner and regularize the loan account of the petitioner on the following

conditions:

(i) The overdue amount of Rs.1,25,000/- (Rupees One Lakh Twenty

Five Thousand only) shall be repaid in 6 equated monthly installments

along with any accrued interest and costs;

(ii) The first installment shall be paid on or before 10.02.2023. The

subsequent installments shall be paid on or before the 10 th day of the

succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's along with the

installments as directed above;

(iv) In the event of default of any one installment, the respondent

bank shall be entitled to proceed in accordance with law.

(v) In order to enable the petitioner to repay the entire amounts, all

coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE TR

APPENDIX OF WP(C) 846/2023

PETITIONER EXHIBITS Exhibit -P1 TRUE COPY OF THE TRUE COPY OF THE ORDER DATED 29.11.2022 ISSUED BY THE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA IN CMP NO.4155/2022 IN MC NO.724/2022.

Exhibit -P2 TRUE COPY OF THE NOTICE DATED 09.12.2022 ISSUED BY THE ADVOCATE COMMISSIONER